Blackstone Reports Third Quarter 2025 Results
Blackstone, the world's largest alternative asset manager, has released its financial results for the third quarter of 2025. The company reported strong performance across various financial metrics, reflecting robust growth and strategic initiatives.
Financial Highlights
For the third quarter of 2025, Blackstone reported a GAAP net income of $1.2 billion, with a year-to-date (YTD) net income of $4.1 billion. The GAAP net income attributable to Blackstone Inc. was $625 million for the quarter and $2.0 billion YTD. The company's total revenues for the quarter were $3.1 billion, a decrease from $3.7 billion in the same period last year. However, the YTD revenues remained relatively stable at $10.1 billion.
Key financial metrics include:
- Management and Advisory Fees, Net: $2.1 billion for the quarter, $6.0 billion YTD
- Incentive Fees: $200.7 million for the quarter, $587.9 million YTD
- Performance Allocations: $781.5 million for the quarter, $2.7 billion YTD
- Principal Investments: $(86.0) million for the quarter, $720.8 million YTD
- Interest and Dividend Revenue: $107.5 million for the quarter, $305.3 million YTD
Business and Operational Highlights
Blackstone's business performance was marked by significant inflows and strong investment performance. The company reported inflows of $54.2 billion for the quarter and $225.4 billion over the last twelve months (LTM). Total assets under management (AUM) reached $1.24 trillion, with fee-earning AUM at $906.2 billion and perpetual capital AUM at $500.6 billion.
Other operational highlights include:
- Deployment of $26.6 billion in the quarter and $137.6 billion over the LTM
- Realizations of $30.6 billion in the quarter and $105.3 billion over the LTM
Strategic Initiatives and Corporate Developments
Blackstone declared a quarterly dividend of $1.29 per share, payable on November 10, 2025, to record holders as of November 3, 2025. The company also repurchased 0.2 million common shares in the quarter and 0.9 million common shares over the LTM. In total, $1.6 billion will be distributed to shareholders with respect to the third quarter, and $6.2 billion over the LTM through dividends and share repurchases.
Management's Perspective
Stephen A. Schwarzman, Chairman and Chief Executive Officer, commented, "Blackstone reported an exceptional third quarter, highlighted by outstanding financial results and robust fund-raising momentum across our three major channels—institutions, insurance, and individuals. The leading platforms we’ve established in key growth areas, such as digital and energy infrastructure, are helping power investment performance for our clients and position us extraordinarily well for the future."
Future Outlook
Blackstone's forward-looking statements indicate a positive outlook for the future, with continued focus on delivering compelling returns for institutional and individual investors. The company aims to leverage its established platforms in key growth areas to sustain its investment performance and market position.
Original SEC Filing: Blackstone Inc. [ BX ] - 8-K - Oct. 23, 2025